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Saturday, 28 April 2012

Rent or Buy ?

This is a repeat post - the original decided to go walkabouts !

I was asking about which you preferred, to rent a property or to buy - and why ?
I've owned several properties in the past but now find myself living in rented accommodation - and I don't like it.
It's dead money every month, paying someone else's mortgage for them. Keeping up the maintenance for someone else. So that when it is eventually sold, the owner gets the profits for doing nothing and the tenant walks away with nothing/zero/zilch/nowt !

I know it's hard in these financially difficult times to keep up with mortgage payments, but at least you know every payment is a little less of the total outstanding, and one day it will be paid off and you will own it.

Just how far would you go as a tenant to improve the property you live in ? where do you draw the line ? I find it difficult, I want to live in a 'nice' home, but something keeps telling me I'm improving it for someone else's benefit, and I don't like that one little bit ! so at the moment, my style is shabby chic - the shabby came as standard.

Then there's the problem of permission - permission for this - permission for that, it's so restrictive, everything has to have permission ! so this fact alone is a reminder that you are in fact, living in someone else's house.

So all in all, in my opinion, buying is the only way to go, but I would like to hear your views and opinions.

Once again, apologies if you've read this twice - Blogger decided to remove it first time.

3 comments:

I've always bought. I think if rents were cheaper there is more flexibility in this, particularly if you are likely to be changing jobs etc.

One of the things I don't like about owning a home is the fact that you've got (all) this money tied up in a place and unless you move to a smaller place (difficult in my case) you don't have anything. Alternatively you could then rent.

I think that a mortgage is actually cheaper than rent, as there is no way I would ever have been able to afford a rent of £600 pm for a 2 bedroomed bungalow. I don't get that in income (pensions) I suppose nowadays you have to have a deposit but there is a woman across the road from me, in that bungalow I've just mentioned, good job, mid 50s, I'm sure she should have been able to save money for a deposit.

I do feel sorry for the youngsters who because they want to HAVE everything, can't save up for a deposit. They do manage to spend 'only' £40pm on the latest iphone though.

Ah tis funny that I know find myself in this situation finding myself soon to be looking for somewhere after the split last year (cannot live with the aged parents much longer feel a right Timothy!). Difficult on an average wage but I have a feeling that the lenders will not be over generous so renting it may well be, even though I find my views on this mirroring your own Wean.John

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